Corn Sep +16 545; Dec +16 533 (514-34); Dec22 +12 490

Bean Aug +25 1404; Nov +21 1350 (1327-55)

  Meal Aug +3 357; Dec +4 362

   Oil Aug +170 6405; Dec +142 6236

Wheat Sep +26 641; Dec +23 647 (620-52); Jly22 +18 655

  KC Sep +21 615; MGE +43 857

Oats +13 402

Rice +3 1289

 

LC Aug +60 11982; Oct +22 12580; Dec +47 13137

FC Aug -102 15815; Oct -75 16295; Jan -60 16432

LH Jly +147 11247; Aug +250 10407; Oct +190 8732

Milk Jly +5 1690; Aug +31 1785

CBOT futures closed sharply higher and near the day’s highs following today’s crop report. Wheat futures, specifically the MGE spring wheat contract, led the market higher as spring wheat production will be down sharply from 2020. An average yield of 30.7 bu/acre would be the lowest since 2002. The USDA WASDE report didn’t have any surprises in it for the corn and soybean balance sheets. So generally, we’re back to watching the weather and forecasting its impact on final yields. There doesn’t appear to be any relief in sight for the northern Plains.

U.S Crop Progress
Corn rated good/excellent is 65% vs 64% week ago and 69% year ago. Acreage rated v.poor/poor is 8% vs 9% week ago and 8% year ago.  Silking is reported on 26% of acres vs 30% for 5-yr avg.

Soybeans blooming are 46% vs 40% 5-year avg.   Acreage rated good/excellent is 59% vs 59% week ago and 68% year ago. Acreage rated v.poor/poor is 11% vs 11% week ago and 7% year ago.

Winter Wheat:
Harvested acreage is 59% vs 45% week ago and 65% for 5-yr avg.

Spring Wheat:
  16% good/excellent vs 16% week ago and 68% year ago.
  55% poor/v.poor vs 50% week ago and 8% year ago.

Pasture and Range Condition:
  34% good/excellent vs 36% year ago
  39% poor/v.poor vs 30% year ago

Live cattle futures closed slightly higher while feeder futures ended in the red on pressure from higher grain prices. LC managed small gains, consolidating Friday’s market that ended last week’s downward price movement. Choice dropped 3.59 to 275.00 and Select rose 1.36 to 258.77, narrowing the Choice-Select spread to 16.23. Beef movement was moderate. Negotiated cash trade was light with $125/cwt reported, or steady to $2/cwt higher than last week.

Lean hog futures closed strongly higher with the August LH leading the way, given its discount to the CME Lean Hog Index. Last week’s weekly export sales report was supportive as was today’s strong pork cutout. Pork packers are reportedly operating in the red, so price gains could be limited. FOB Plant Pork ended up 1.29 at 117.73 compared to 118.84 in the morning. Values of ribs, hams and bellies were up 2-3%.

US$ +.1% 92.23

Dow +126 34996 – Record high close

SP +15 4385 – Record high close

NAS +31 14733 – Record high close

Tran -33 14810

  VIX -.01 16.17

 

WTI -37 7344

Brent -39 7516

Gas -1 226

NG +7 373

HO unch 215

Eth unch 232

Gold -5 1806

Slvr unch 2624

 

2-yr +.014 0.231%

5-yr +.012 0.799%

10yr +.014 1.370%

30yr +.018 2.000%

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